Comprehensive Annual Financial Report€¦ · commercial projects were initiated in 2007. The...

Comprehensive Annual Financial Report

Year Ended December 31, 2007

INTRODUCTORY SECTION

May 27, 2008

Members of the City of West Lafayette Common Council:

I am pleased to submit to you the Comprehensive Annual Financial Report (CAFR) of the City of West Lafayette, Indiana for the fiscal year ended December 31, 2007. This is the tenth CAFR prepared by the City for submission for the Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association of the United States and Canada. The CAFR is presented as part of a continuing effort to provide the citizens of West Lafayette with the highest standards of financial accountability and disclosure.

We believe the information as presented is accurate in all material aspects. Responsibility for the accuracy of the presented data and the completeness and fairness of presentation, including all disclosures, rests with the City.

OVERVIEW

Profile of the Government

The City of West Lafayette was incorporated as a municipality in 1928, the community having been governed as the Town of West Lafayette since 1888. It is located about 65 miles northwest of Indianapolis and 120 miles southeast of Chicago. The City extends for 7.67 square miles from the banks of the Wabash River to the north and west. Together with its sister City Lafayette across the Wabash River, West Lafayette is one of the top ten fastest growing regions in the State of Indiana. West Lafayette’s population by the most recent census estimate is 31,079, approximately 19% of the population of Tippecanoe County.

West Lafayette is the proud home to Purdue University, a public land

grant school founded in 1869 by the Indiana State Legislature with a gift from Lafayette merchant and entrepreneur John Purdue. Purdue University is a pre-eminent center of research and innovation enrolling 39,100 undergraduate and graduate students and employing close to 15,000. Purdue has been the predominant force in West Lafayette’s history. The unparalleled research and educational opportunities at Purdue have made West Lafayette a magnet for professionals from across the world. Purdue was ranked no .4 among the Best Places to Work in Academia in 2007 by The Scientist, The Magazine Of The Life Sciences.

The City of West Lafayette is comprised of executive, legislative, and judicial branches. The City is governed pursuant to Indiana statute for municipalities of its population class. The executive branch is organized under two elected officials. The Mayor serves as the head of the executive branch. The Clerk-Treasurer’s serves as the City’s fiscal officer and clerk. Both are elected to four-year terms of office. The Common Council serves as the legislative branch with the Mayor as presiding officer. It is comprised of seven members, five of whom represent individual council districts and two who represent the City at-large. All serve four-year terms. The Council meets once a month to conduct business. The Council enacts all ordinances and resolutions, and approves the budget, and established funds of the City. The West Lafayette City Court is the judicial branch. The City Judge is an elected official of the City, also serving a four-year term.

The administrative body of the City is the Board of Public Works and Safety. The Board of Works is comprised of three members, the Mayor

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and two members appointed by the Mayor. The Board of Works meets weekly with the Mayor as presiding officer. The Board of Works also serves as the administrative body of the Wastewater Treatment Utility. The City is proud of its safe neighborhoods, outstanding parks and recreation facilities including its 17.5-mile trail system, strong knowledge-centered economy, nationally recognized educational excellence for K – 12, and high quality of life. The City provides services in the following areas: public safety (police, fire, communications and animal control), community development (planning, neighborhood revitalization, code enforcement and economic development), parks and recreation (recreation, community center, senior citizens, city beautification), solid waste (recycling, trash disposal), transportation (streets, sidewalks, bicycle paths), engineering (building permits and inspection), city court, and general administrative services. In addition, the City provides wastewater and storm water services. Certain financing and economic functions are provided by the West Lafayette Equipment Leasing Corporation, the West Lafayette Redevelopment Authority, and the West Lafayette Building Corporation. Although these are legally separate entities, they provide service exclusively to the City, and are therefore included as an integral part of the City’s financial statements. Additional information is in Note 1.A. in the Notes to the Financial Statements. FACTORS AFFECTING FINANCIAL CONDITION The Information presented in the financial statements may be better understood when economic and related environmental factors specifically impacting the City of West Lafayette are considered. The following sections provide brief summaries of certain key factors related to the local economy, long term financial planning, cash management, risk management, and other matters intended to assist readers of this report in assessing the City’s financial condition. Economic Outlook and Condition The unemployment rate for Tippecanoe County has been stable and among the lowest in the State of Indiana. In 2007, the unemployment rate

was 3.7% compared to the Indiana rate at 4.5% and the U.S. rate at 4.5%. County-wide, the economy benefits from a diversified employment base including both a strong manufacturing sector and the strong concentration of bioscience and high-tech companies. The Lafayette-West Lafayette metropolitan area continues to receive top-of-the-charts national recognition for business attraction and quality of life. Key in these efforts has been the Lafayette-West Lafayette Development Corporation, which has effectively focused resources for local governments, industries, businesses and educators to work collaboratively for economic growth. The Lafayette-West Lafayette metropolitan area was ranked 2nd in Indiana for greatest job growth in 2007. Our area was also ranked no.1 in the nation for the number of jobs available in relation to overall population by CareerBuilder.com. 2007 brought more national recognition for business and careers. Lafayette-West Lafayette has been named one of the 100 Hottest U.S. Cities by Entrepreneur magazine, ranked as 24th in the Best Places for Business and Careers listing among Best Smaller Metros by Forbes magazine, ranked as 25th best out of Cities Ranked and Rated by Frommer’s. Expansion magazine named West Lafayette-Lafayette as 6th best for business recruitment and attraction among its Top Small Metropolitan areas. In quality of life rankings, recognition also continued in 2007 with no. 2 ranking in Indiana and no. 60 in the nation on the Best Green Places List of Country Home magazine, and a 5-Star quality of life rating by Expansion magazine. America’s Promise Alliance recently named Tippecanoe County one of the 2008 Best Communities for Young People. West Lafayette was also named one of the top 10 ‘brainiest places to retire” by U.S. News & World Report magazine earlier this year. Our City is the focal point for knowledge-based entrepreneurship in north central Indiana with the center of innovation being the Purdue Research Park. The pace of growth at the Purdue Research Park accelerated with the addition of 19 new affiliates, 6 new companies, and the addition of 24,960 sq. ft. leased in the June 2007-2008 period. The 725-acre Purdue Research Park now hosts 146 businesses, approximately 100 of which are high-tech firms and entities, with total employment at approximately 2,800 employees. $121 M of venture capital has been invested at the Research Park. Major building projects

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in 2007 included the expansion of MED Institute into the signature former Great Lakes Chemical world headquarters building and the dedication of the 26,000 sq. ft. Lake View Technology Center. In 2007, the Redevelopment Commission and City Council approved the expansion of the Certified Technology Park section of the Research Park by 300 acres in anticipation of development in the newly annexed area to the north. The City has begun engineering for the reconstruction of Yeager Road which will serve as the major arterial on the east boundary of the expanded Research Park, with the $4.5 M construction planned to start in 2010 financed by Tax Increment Finance (TIF) funds. The City’s Redevelopment Commission pledged $4.57 M in Certified Technology Park Increment Funds for the construction of a second business incubator, the $14.55 M Heddy Kurtz Purdue Technology Center, in the Research Park. The Purdue Research Park currently has the largest technology incubation program in the nation at 259,000 sq. ft. The City anticipates the construction of a national software solutions center for EDS to begin at the Research Park in 2008 which will employ 200. The City has pledged to provide $1.5 M in incentives from TIF funds for this project. The Research Park opened a $1.4 M childcare facility to accommodate 190 children, thereby enhancing work life quality for employees. The vibrancy of the Purdue Research Park and the positive economic development climate in our metropolitan area has spurred growth in the City’s commercial areas, with commercial building permits increasing to over $30 M in 2007, an increase of 20% over the prior year. Three major commercial projects were initiated in 2007. The Champion’s Centre $60 M mixed-use development across from the Pete Dye-designed Kampen Golf Course was announced in 2007 and won City Council approval as a Planned Development in 2008. This project will include 94-room Residence Inn and 125 luxury sports condo suites; pool, retail, restaurant and office space. Construction began on the $8.5 M 10-acre Wabash Commons project to redevelop the former Kmart plaza area on Sagamore West, which is expected to bring three stand alone restaurants and expansion of the strip retail center. A $30 M Marriott hotel project with Springfield Suites and Fairfield Inn and Suites, to be built, in the Levee Area was announced. This project will bring two hotels totaling 261 rooms to the corner of the newly constructed Tapawingo South Drive and SR 26

(State Street). Construction is anticipated to begin in 2008. The College Park Center retail center adjacent to the Purdue Research Park underwent a $1 M expansion in 2007. In the Village area near Purdue University, a major anchor to the new West Lafayette Public Library and the City’s Morton Community Center urban cultural center was the completion of the first phase of the $12 M Chauncey Square mixed-use retail and apartment project. On Sagamore West, the City’s northern commercial center, the Nighthawk Trail was extended to provide pedestrian and bicycle access to the Sagamore West business corridor. In 2007, two major roadway projects were completed The $1.1 M Salisbury Street Safety Improvement - Phase 1 provided improved roadway, pedestrian and bicycle access on one of the City’s main arterial linking schools, neighborhood and business areas from north to south. Engineering for Phase 2 is scheduled for completion in 2008. Funding for this project is through a combination of road funds, Economic Development Income Tax, and the Cumulative Capital Development Fund. The $5.4 M Tapawingo South Extension project added a new connector through the Levee business area from Riverfront development areas to US 231 and Purdue University. This project was funded by $2.2 M in federal transportation grants and by TIF and Economic Development Income Tax. The City’s economic vitality and transportation safety is a priority in major road projects planned for 2008. Engineering is expected to be complete for the $3 M Yeager Road reconstruction between the Sagamore West business corridor and Northwestern Ave (US 231). Planning for reconstruction of Cumberland Ave. was completed in 2007 with extensive community participation, and engineering for the Northwestern (US231) to Yeager Road segment is underway in 2008 on this major east-west arterial. Construction of the $0.97 M Sycamore Lane traffic calming project between Salisbury St. and Sagamore West is planned to begin in 2008. This project is financed about half by federal transportation grants and half by Economic Development Income Tax and the Cumulative Capital Development Fund.

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The City’s wastewater treatment utility is vital to the City’s growth and the importance it places on environmental stewardship. Division I of the Western Sewer Interceptor was completed in 2007 and Division II is underway. The Western Interceptor will complete the City’s Long-Term Combined Sewer Overflow (CSO) plan, and provide the infrastructure to support expansion to the west. Funding is provided by a $12.34 M State Revolving Fund (SRF) grant. The Digester Renovation and Alternate Power project at the wastewater treatment utility plant entered the construction phase in 2007. Funding is provided through $9.375 M in SRF grants and $0.8 M in local WWTU improvement funds. The Digester Renovation project will provide new energy efficiency by utilizing methane energy in the treatment process and will provide the only regional fats, oils and grease disposal facility in our region, bringing both economic and environmental benefits to local business. The City’s strategic plan for riverfront development took a step forward in 2007 with the announcement that the Redevelopment Commission would lease property to the Purdue Research Foundation to provide a site for a $1.5 M Purdue Crew boathouse facility on the banks of the Wabash River just north of the Wabash Heritage Trail overlook. The facility will also provide public access and facilitate additional development and recreation options in this area. Site preparation is expected to begin in 2008. The Redevelopment Commission acquired the $1.2 M riverfront property with TIF funds in 2006. The City will be extending its Wabash Heritage Trail link to the riverfront with construction of a 1.06 mile-mile segment along North River Road, Happy Hollow Road and ending with a new trailhead at Happy Hollow Park. In 2007, the City was awarded an $811,784 federal transportation enhancement grant for this project. Engineering will proceed in 2008 paid by the Cumulative Capital Development Fund. Financial Planning West Lafayette has been the most compact city in geographic size and most densely populated city in cities of its class in Indiana. West Lafayette is also remarkable in having a property tax levy that is about the same size of municipalities with approximately half our population. These two factors have shaped West Lafayette’s financial planning. West Lafayette has had the advantage of operating with significantly

fewer employees per capita than municipalities of comparable population, primarily in public safety. The expansion of the City in 2006 by annexation of 1173 acres has resulted in additional costs for extensions of city services, primarily public safety. Three police officers and three firefighters were hired in 2007 to serve the annexation area. A temporary fire station was opened in October 2007 at the existing Parks Maintenance Barn in Cumberland Park. The site of a permanent third fire station is to be determined in 2008. TIF funds were used to furnish and equip the fire station including the purchase of a new fire engine. General Fund resources will be used to pay for the extension of city services in the short-term. The City is currently reviewing the annexation fiscal plan developed in 2005. It is anticipated that the City will be appealing for an increase in the property tax levy over 4 years, beginning in 2009, to fund a portion of extending city services to the annexation area. The amount and timing of the increases will be determined from annual reviews of necessary City services to be provided for the annexation area. The annexation provided 300 acres for expansion of the Purdue Research Park, and additional area for residential and commercial development. Growth in this area will increase the City’s tax base and contribute to a stable tax rate. To date residential development in the annexation area has been significantly less than originally forecast, in accordance with the nationwide slow down in housing starts. One new development, a 96-unit condominium development, the Villas at Stonebridge, began construction in 2007. The City depends on property tax as the single biggest revenue to support ongoing city operations, primarily public safety. In 2008, the State Legislature made significant changes to the property tax system and property tax levies of local jurisdictions. While certain provisions are still to be clarified, the impact on the 2009 City budget appears to be significant in terms of the reduction to the City’s property tax levy and the City’s obligation to fund pension benefits for the 1925 Police Pension Fund and the 1937 Fire Pension Funds. The State will be assuming responsibility for funding these pension benefits, and is mandating a reduction in the City’s levy going forward. The City will be required to submit its 2009 budget to the County Council, along with all other local jurisdictions, for review prior to final adoption. The City’s levy is also subject to the provisions of “Circuit Breaker” control, which triggers automatic cuts in property tax levies when the total of all

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overlapping property tax levies exceed a cap which is established as a percentage of property assessed valuation, and varies with the type of property. The impact on West Lafayette has been estimated to be minimal in 2009 - 2010. The implementation of tending of assessed valuation on an annual basis has resulted in unexpected volatility in tax increment revenues. In addition, the Auditor of Tippecanoe County has advised the Redevelopment Commission that a signficant overpayment of Tax Increment occurred in 2007, currently estimated at $1.1 M. A revised 2007 property tax settlement for the County is pending Department of Local Government Finance approval. The Redevelopment Commission has determined after taking revised TIF revenue forecasts into consideration that there are sufficient TIF cash reserves to make the repayments if required, and that all debt service and current project requirements can be met. The fiscal policies of the City are under review by the new Mayor and Council. Action is anticipated in the current year and in the 2009 budget to address the structural deficit in the General Fund and the reduction in the City’s cash reserves. Internal Controls The management of the City of West Lafayette is responsible for establishing and maintaining a system of internal financial controls. The purpose of the internal financial controls is to ensure that the assets of the City are protected from loss, theft or misuse and that adequate accounting data is compiled to allow for the efficient preparation of financial statements in conformance with generally accepted accounting principles. The internal control structure must provide reasonable assurance that these objectives are met within appropriate cost benefit performance. The concept of reasonable assurance recognizes that the cost of internal control should not exceed the benefits likely to be received; and that the evaluation of cost and benefits requires estimates and judgments by management. It is the assessment of City management that the internal control structure does meet these criteria. The City consults with the Indiana State Board of Accounts, not only during the audit, but also regularly throughout the year as needed.

Budgetary Controls In accordance with Indiana statute, the City maintains budgetary controls integrated within the accounting system. The objective of these budgetary controls to ensure compliance with the annual appropriated budget adopted by the City Council and as approved by the Department of Local Government Finance. The annual budget includes the General Fund, the Parks and Recreation Fund, the Police and Fire Pension Funds, the Cumulative Capital Development Fund, the Cumulative Capital Improvement Fund, the Cumulative Building and Firefighting Equipment Fund, the Fire Truck Lease Fund, the Local Road and Street Fund, the Motor Vehicle Highway Fund, the LOHUT Fund, the Economic Development Income Tax Fund, the Law Enforcement Continuing Education Fund, the Firefighting Fund, the Clerk’s Record Perpetuation Fund, and the Parks Nonreverting Capital - Pool Fund. The Park Board approves the annual budget for the Parks Nonreverting Operating Fund. The Redevelopment Commission approves the budgets for the Sagamore Parkway TIF Fund, the Levee/Village Redevelopment Commission Fund, the KCB Redevelopment Commission Fund, the Certified Technology Park fund and the Certified Technology Park Grant Fund. The level of budgetary control (that is, the level at which expenditures cannot legally exceed the appropriated amount) is established by major budget classification within a fund, and in the general fund, within a department. The Common Council maintains budgetary control on all funds approved in the annual budget with the exception of the Parks and Recreation Fund, the Nonreverting Capital-Pool Fund and the Nonreverting Operating Fund for which budgetary control is maintained by the Park Board. The Common Council or Park Board may transfer appropriations from one major budget classification to another within a department or fund by ordinance or resolution as long as the annual budget for that department or fund is not exceeded. The Common Council maintains another measure of budgetary control by requiring all transfers within major budget classifications, as well as between major classifications, to be approved by ordinance or resolution. Additional appropriations in excess of the original budget must be approved by the Common Council and subsequently submitted for approval to the Department of Local Government Finance.

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The City also maintains an encumbrances account system as one technique of accomplishing budgetary control. Encumbered amounts for goods or services for which delivery or invoicing is not complete can be carried over to the subsequent year as part of the subsequent year net appropriation. The annual budget is prepared from June through September taking into consideration Council priorities and the City’s strategic plan objectives. Department heads prepare draft budgets in June for presentation to the Council in a series of public work sessions. A budget ordinance is prepared under the Mayor’s direction for introduction to the Common Council at its first meeting in August. The budget is advertised per Indiana statute and a public hearing is held prior to final adoption in September. The Clerk-Treasurer’s office provides a comprehensive budget packet on prior expenditures, revenues, and estimated fund cash balance forecasts and tax rates for public review which is made available at Council meetings, at the public library, and on the Internet. The Common Council has the power to decrease any major category proposed by the Mayor, but may not increase any budget. Subsequent to Common Council adoption of the budget, the Department of Local Government Finance reviews the budget and issues a preliminary budget order. A final budget hearing is held by the Department of Local Government Finance prior to issuing a final budget order. The statutory deadline is February. The budgetary process for the Wastewater Treatment Utility is different than from that of the Civil City. The Board of Public Works is the oversight body for utility operations. In December, the Board of Works reviews and approves the utility budget. Budget revisions are approved through the Board of Works. An annual financial review of utility rates is presented to the Common Council in the first half of the year. Budget to actual comparisons are provided in this report for each individual governmental fund for which an appropriated annual budget has been adopted. For the General Fund this comparison is presented on page 76 For other governmental funds with appropriated annual budgets, this comparison is presented in the governmental fund subsection of this report beginning on page 100.

Pension Trust and Agency Funds The City of West Lafayette has 5 pension plans for its employees. All full time employees, with the exception of public safety officers, are members of the Public Employees’ Retirement Fund of Indiana (PERF), the public employment retirement system for government employees in the State of Indiana. PERF is clarified as a multiple-employer defined benefit retirement system acting as a common investment and administrative agent for government units in Indiana. The City makes required annual contributions at the level set by PERF. As of July 1, 2007, the City’s PERF account has an accrued actuarial liability of $4,500,614, and has an excess of assets of $221,119. Police and fire department officers hired subsequent to April 30, 1977 are members of the 1977 Police Officers and Firefighters’ Pension Fund administered by PERF. This plan is a cost-sharing, multiple-employer defined benefit plan. The City makes required annual contributions at the level set by state statute. Financial reports are available from the State. Police officers hired prior to May 1, 1977 are members of the Police Pension Fund established in 1925 by the State of Indiana. Firefighters hired prior to May 1, 1977 are members of the Fire Pension Fund established in 1937 by the State of Indiana. Both plans are single employer defined benefit plans administered by the City of West Lafayette. They are funded on a pay-as-you-go basis, with actuarial accrued liabilities currently totaling, $18,505,800 and a deficit of assets of $17,194,276 as of January 1, 2007. Additional information on funding policies and pension costs is in Note IV C in the Notes to the Financial Statements and Required Supplementary Information. Cash Management All cash temporarily idle in 2007 was invested by the City in short-term investments with maturities of two years or less in conformance with Indiana statute 5-13-4 et seq. governing investment of public funds and the City’s investment policy. Investments authorized by statute are certificates of deposit at local financial institutions that are qualified as depositories for public funds, U.S. Treasury securities, and U.S. agency

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securities backed by the full faith and credit of the U.S. government, and certain AAA money market funds with permissible U.S. government securities investments.

The City’s investment portfolio in 2007 included overnight repurchase agreements collateralized by U.S. Treasury securities and deposit accounts tied to federal fund rates. The City also holds police and fire pension relief funds in an external investment pool, the Pension Relief Fund, managed by the Public employees’ Retirement Fund of Indiana (PERF.) Information related to this investment pool is provided in Note III B.

Risk Management The City carries traditional insurance for workers’ compensation, automobile liability and physical damage, general liability, public officials liability, property and casualty, inland marine and boiler coverage, crime insurance coverage, law enforcement liability and also builders risk and flood insurance for the Wastewater Treatment Utility. A city-wide safety committee meets monthly to review all on-the-job injuries and develop recommendations for injury prevention. The City achieved a workers compensation experience modification rating of 0.94 for 2007 because of the City’s consistent safety experience superior to the State average.

The City is in the second year of a three-year agreement to participate with the City of Lafayette in the first municipal insurance consortium in the State. This initiative is targeted at accessing more cost effective healthcare insurance and emphasizing wellness measures in a changing and competitive health insurance environment.

Annual Audit

Indiana statue (IC 5-13-1) requires an annual independent audit of the financial records and transactions of the City to be made by the Indiana State Board of Accounts. Their audit met the requirements of state statutes and was conducted in accordance with generally accepted auditing standards and government auditing standards. The State Board of Accounts concluded, based on the audit, that there was a reasonable basis for rendering an unqualified opinion that the City of West Lafayette’s financial statements for the year ended December 31, 2007 are fairly

presented in conformity with GAAP. The independent auditor’s report is presented as the first component of the financial section of this report.

As a recipient of federal and state financial assistance, the City is also required to undergo a single audit in conformity with the provisions of the single audit act of 1984 and the U.S. Office of Management and Budget Circular, A-133. Information related to this single audit is included in this report as Supplemental Audit of Federal Awards Section pages 134-145.

ACKNOWLEDGMENTS

The preparation of the report has been accomplished with support from the Mayor, Department Heads, and Common Council. We would like to thank the Indiana State Board of Accounts for their excellent professional work with special recognition to John D. Irelan, CPA, Field Supervisor, Sherry Parton, CPA, Special Projects and CAFR Supervisor, and Lead Auditor Gary W. Roberts, and Auditors Leann Tinsley, CPA, and Philip Astell. We also acknowledge the assistance of James W. Treat, CPA, partner, with the accounting firm of O. W. Krohn and Associates, LLP.

Judy Rhodes, Clerk Treasurer

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FINANCIAL SECTION

Figure 5

City of West Lafayette

Governmental Fund Balances at Year-End

Year End Fund Balances

2007 2006

General 1,262,564$ 1,830,324$

Economic Development Income Tax 1,553,942 1,852,378

Road Funds 1,971,052 1,709,100

Year End Fund Balances

Road Funds 1,971,052 1,709,100

Parks and Recreation Funds 900,061 779,800

Nonmajor Governmental Funds 14,439,257 12,573,015

Totals 20,126,876$ 18,744,617$

2007 Year End Governmental Fund Balances

Parks and Recreation Funds

Nonmajor Governmental Funds

71.7%

2007 Year End Governmental Fund Balances

Road Funds9.8%

Funds4.5%

71.7%

General6.3%

Economic Development Income Tax

7.7%

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Figure 7

City of West Lafayette

Outstanding Long-Term Liabilities at Year-end

2007 2006 2007 2006 2007 2006

Revenue Bonds Payable (net of discount) 19,678,765$ 20,915,934$ -$ -$ 19,678,765$ 20,915,934$

Loans Payable - - 26,414,855 25,419,890 26,414,855 25,419,890

Total Bonded Debt 19,678,765 20,915,934 26,414,855 25,419,890 46,093,620 46,335,824

Governmental Activites Business-Type Activities Total

Total Bonded Debt 19,678,765 20,915,934 26,414,855 25,419,890 46,093,620 46,335,824

Capital Leases 229,592 - - - 229,592 -

Pension Obligation 9,054,809 7,746,117 - - 9,054,809 7,746,117

Compensated Absences 741,342 748,720 144,662 129,239 886,004 877,959

Other Long -Term Liabilities 10,025,743 8,494,837 144,662 129,239 10,170,405 8,624,076

Total Long-Term Liabilties 29,704,508$ 29,410,771$ 26,559,517$ 25,549,129$ 56,264,025$ 54,959,900$

Other Long -Term

2007 Year End Long-Term Liabilities

Revenue Bonds Payable 35%

Other Long -Term Liabilities

18%

Loans Payable47%47%

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STATISTICAL SECTION

Statistical Section

Contents Page

Financial Trends

111-116

Revenue Capacity

117-120

Debt Capacity

111-126

Demographic and Economic Information

127-129

Operating Information

130-132

This part of the City of West Lafayette comprehensive annual financial report presents detailedinformation as a context for understanding what the information in the financial statements, notedisclosures, and required supplementary information says about the City's overall financial health.

Sources: Unless otherwise noted, the information in these schedules is derived from thecomprehensive annual financial reports for the relevant year. The City implemented GASBStatement 34 in 2003; schedules presenting government-wide information include informationbeginning in that year.

These schedules contain trend information to help the reader understand how theCity's financial performance and well-being have changed over time.

These schedules contain information to help the reader assess the City's mostsignificant local revenue source , property tax.

These schedules present information to help the reader assess the affordability ofthe City's current levels of outstanding debt and the City's ability to issue additionaldebt in the future.

These schedules offer demographic and economic indicators to help the readerunderstand the environment within which the City's financial activities take place.

These schedules contain service and infrastructure data to help the readerunderstand how the information in the City's financial report relates to the servicesthe City provides and the activities it performs.

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SUPPLEMENTAL AUDIT OF FEDERAL AWARDS SECTION

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